Business briefs

Stocks twist, turn on fiscal cliff talks

Optimism that a budget deal will be reached in Washington sent stocks modestly higher Thursday. A pair of economic reports also brightened the mood.

The Dow Jones industrial average rose 36.71 points to close at 13,021.82.

The stock market took a brief turn lower when House Speaker John Boehner said little progress was being made in budget talks in Washington. The Dow, which was up as much as 77 points in morning trading, turned negative as Boehner made his remarks at 11:30 a.m., then slowly recovered in the afternoon.

CNN hires former NBC executive Zucker

CNN on Thursday named former NBC Universal chief Jeff Zucker as its new top executive.

Zucker will start in January, based in New York and reporting to Phil Kent, who runs all of the Turner networks for parent company Time Warner.

"I spent the most rewarding years of my career as a journalist, and it's where I look forward to spending many more," said Zucker, who shot to fame as the executive producer of NBC's "Today" show at the start of its dynasty in the 1990s.

Zucker moved on to Hollywood as NBC's entertainment president, where he was less successful. He became head of NBC Universal, and while he couldn't turn around NBC, achieved great financial success for the company by overseeing its highly profitable cable networks.

Living Social announces job cuts

Online deals company LivingSocial is cutting 400 jobs, or about 9 percent of its workforce, as the deals market continues to face challenges.

The company's sales force faced the most cuts. Others are in customer service and editorial, the people who write up the deals. LivingSocial said it is moving its customer service operations to Tucson, Ariz., from Washington, where it has its headquarters.

Over the past year or so, online deals have gone from fad to a much-copied business model that's easy to set up but difficult to sustain.

Twinkies survive in bankruptcy approval

Hostess Brands Inc. got final approval for its wind-down plans in bankruptcy court Thursday, setting the stage for its iconic snack cakes to find a second life with new owners.

However, 18,000 jobs will be wiped out.

The company said in court that it's in talks with 110 potential buyers for its brands. The suitors include at least five national retailers such as supermarkets, a financial adviser for Hostess said.

- Associated Press

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Business briefs

Optimism that a budget deal will be reached in Washington sent stocks modestly higher Thursday. A pair of economic reports also brightened the mood. The Dow Jones industrial average rose 36.71 points

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